China-US AI Investment Race Closer Than Spending Figures Suggest: Report

A report by a research team affiliated with China Finance 40 Forum says China’s artificial intelligence investment race with the United States is closer than headline figures suggest.

The team also says AI is expected to make a greater contribution to economic growth in America.

Capital spending shows a wide gap

According to the report, China will spend about one-eighth as much as the United States this year on capital expenditure by major technology firms.

The report describes capital expenditure by major technology firms as a common metric for gauging AI investment.

That measure puts the United States far ahead in spending, while the report’s broader assessment says the investment race remains closer than the headline figures indicate.

AI becomes a focus of competition

The findings come as artificial intelligence becomes a focal point of technological competition between Beijing and Washington.

Investment levels, computing power and the commercial applications of AI are all under greater scrutiny as part of that competition.

The report’s assessment says AI will make a greater contribution to the growth of the American economy, even as it describes the China-US investment race as narrower than headline figures suggest.

Source: South China Morning Post